Governance

We are committed to high standards of Corporate Governance.

The Board of Directors, under its Executive Chairman, R. Moyle, consists of fiveExecutives, all highly experienced in the construction industry, and three independent Non-Executive members. Details of their biographies can be viewed on the Our Board page.

The Board is fully aware of its duty to present a balanced and understandable assessment of the Group’s position and prospects, and this is included in our latest Annual Report.

The Board has overall responsibility for the Group’s systems of internal financial control, and for monitoring their effectiveness. The system of internal controls is designed to manage rather than eliminate the risk of business failure; to achieve business objectives and can only provide reasonable not absolute assurance against material misstatement or loss. The Directors have established an organisation structure with clear operating procedures, lines of responsibility and delegated authority within the limitations of the size of the business. These controls are established in order to safeguard the Group’s assets, maintain proper accounting records and ensure that financial information used within the business or published, is reliable.

The risk management processes were in place for the full year to 31 December 2015. The procedures are constantly reviewed throughout the year along with the operational risks across the Group and prioritisation of those risks identified for further action. This is carried out primarily at a management level and reported up to the Board and as summarised within our latest Annual Report.

The Board has two committees, Audit and Remuneration, with the membership of these committees as set out below:

Audit Committee:

Steve Brown - Chairman
Ian Elliott
David Rogers

Our purpose

The key purpose of the Audit Committee is to monitor and review the formal arrangements established by the Board in respect of:

  • the financial reporting and narrative reporting of the Group
  • the effectiveness of the internal controls and the risk management framework
  • internal audit process; and external audit process
  • whistleblowing

The Committee has formal terms of reference.

Nomination Committee:

Steve Brown - Chairman
Ian Elliott
David Rogers

The Committee’s principal responsibilities are:

  • determining, within that framework, the individual remuneration arrangements for the Executive Directors and senior managers; and overseeing any major changes in employee benefit structures throughout the Group;
  • recommending to the Board the remuneration strategy and framework for the Executive Directors and senior managers

The Committee has formal terms of reference.